An unknown crypto trader has fallen victim to a devastating address poisoning attack, losing a staggering $68 million worth of Wrapped Bitcoin (WBTC) in a single transaction. The theft, revealed by blockchain security firm Cyvers, saw the unfortunate trader's wallet drained of over 97% of its total cryptocurrency holdings.

Address poisoning, also known as address spoofing, is a type of scam that tricks users into sending funds to fraudulent addresses controlled by bad actors. It capitalizes on inattention or haste when making crypto transfers.

In this case, the victim's wallet "0x1E" had a total value of over $67.8 million before the poisoning attack successfully siphoned away 1,155 WBTC worth approximately $68 million based on current rates. Cyvers initially spotted the suspicious transaction on May 3.

April Scams and Hacks Hit Historic Low While the $68 million WBTC poisoning incident is sure to rattle confidence, crypto scams and hacks actually declined to their lowest levels in over two years throughout April according to on-chain data analytics firm CertiK.

CertiK recorded just $25.7 million in total losses from crypto scams, hacks, and exploits last month - a 141% decrease from March and the smallest monthly figure since the firm began tracking this data in 2021.

The drop was largely attributed to far fewer private key compromises in April compared to March. Only three such incidents occurred versus eleven the previous month.

ZKasino Scam Still Causing Controversy One major fraud case still unfolding is the alleged ZKasino cryptocurrency gambling scam, which saw over $33 million siphoned from investors. Dutch authorities have already arrested one suspect tied to the ZKasino platform.

On April 22, ZKasino transferred all 10,515 ETH worth around $33 million at the time that had been deposited by users into the Lido staking protocol. This raised major red flags and liquidity concerns for investors trying to withdraw funds.

While CertiK acknowledged the "controversy" around ZKasino in its April report, it has not definitively labeled the project as a malicious scam yet. However, the firm stated it would update its figures accordingly if ZKasino is officially confirmed as a fraudulent actor.

As the recent $68 million WBTC theft and ongoing ZKasino situation demonstrate, crypto investors must remain extremely vigilant against scams and thoroughly verify addresses and protocols before transferring funds.